Bank Transfer Day: Bank of America Quiet on Account Activity

A spokeswoman could not immediately provide an update of whether Bank of America is experiencing any significant account closures on Saturday.

“It’s more of an industry-wide thing,” said Christina Beyer Toth, a Bank of America spokeswoman, on the impact of Bank Transfer Day on all banks, not just Bank of America.

Toth told Credit Union Times she was not able to provide any immediate data on account closures at the Charlotte, N.C-based bank. She said she would have to put in a request for the data.

After previously announcing it would be charging a $5 monthly debit usage fee, Bank of America said on Nov. 1 it will not implement the fee.

“We have listened to our customers very closely over the last few weeks and recognize their concern with our proposed debit usage fee,” said David Darnell, Bank of America co-chief operating officer, in a statement. “Our customers' voices are most important to us. As a result, we are not currently charging the fee and will not be moving forward with any additional plans to do so.”

Bank of America’s initial move to charge the fee led to the creation of Bank Transfer Day by Kristen Christian, an art gallery owner in Los Angeles. Christian launched a Facebook page Oct. 15 urging consumers to move their funds to credit unions and small community banks.

Bank of America has 58 million customers, 5,700 branches and 17,750 ATMs, according to the bank’s website. The nation’s approximately 7,600 credit unions have about 92 million members.